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Y Economic Development Committee <br /> Meeting Minutes O"9-05 <br /> VI. UPDATES <br /> County Roam 14/Downtown Revitalization <br /> This item was discussed under Committee Business. <br /> Minnesota Community Capital Fund <br /> City Administrator Larson gave the committee a brief review on what the Minnesota Capital <br /> Fund is and what it involves. He stated it is revolving fund in which the City invested $50,000 <br /> and is basically a loan program for business; it is not a grant program, but more like gap <br /> financing, loans can be generated up to $500,000. At this time Main Street Bank has been <br /> informed of this program, but other ways of making the information known to businesses will <br /> have to be determined. <br /> joint Meetint=with City Coundd M—C on EDC/EDA <br /> This item was discussed under Committee Business, <br /> Budget Review <br /> This item was not discussed. <br /> VIL ADJOURNMENT <br /> Motion was made by Vice-Chairperson Ebel, seconded by Committee Member Fischbach <br /> to adjourn the August 12, 2005 Economic Development Committee at 8:20 p.m. All in <br /> favor. Motion passed unanimously. <br /> Transcribed by Kim Stephan <br /> 5 of 5 <br /> 62 <br />